Express Avenue, Chennai, which is being promoted by Express Infrastructure, is set to soft launch on April 1, 2010 and the mall will be fully operational by the end of May 2010. The property, at present, is 60 per cent leased out. Speaking exclusively to IndiaRetailing, Kim Culley, chief operations officer, Express Avenue said, “Express Avenue will cater to a cross section of population and house brands starting from Big Bazaar to Lifestyle, to Marks & Spencer and other luxury and premium brands. The current occupancy level of the property is around 60 per cent.”
He further added, “Built on an area of 10 acres, Express Avenue is the first mall in Chennai to combine a shopping centre, a business centre, hotel and cinema multiplex. It will house an array of luxury and premium brands.”
With more than 200 shops, an eight-screen multiplex cinema, 1300 seat food court and car parking for more than 1800 cars Express Avenue will revolutionise the shopping experience for visitors. Five to six storey tower blocks for the hotel and commercial offices, will anchor either end of the development with the retail component occupying four floors, totalling almost one million square feet of retail space, located in the center.
Talking about the rental model of the upcoming property, Culley said, “From a leasing aspect all shops are leased out on a leave and license agreement which will guarantee that the professional management of the mall will be maintained to the highest international standards.” The total investment in opening this mall is Rs.750 crores, confirmed Culley.
“The management is in the final stages of roping in luxury and premium brands at the moment and will be able to share the details only when it is formalised,” replied Culley when asked to name the luxury and premium brands to be housed in the mall. The total area of the mall inclusive of the parking is 1.5 million sq feet and has seven storeys.
— IndiaRetailing Bureau